1. Comparative economic systems
Thus, the creation of new economic entities and organizations reduced the significance of existing traditional systems and gave way to new systems. ... The traditional terms for economic systems are limited to fixed systems and are not applicable to dynamic changes taking place in economies across the world. ... Hence the modern approach defines economic systems in terms of organizational features, which basically refers to the system of communication within groups. ... It is important to understand that the economic system of a country is the summation of other political, environmental a...
- Word Count: 4711
- Approx Pages: 19
- Has Bibliography
- Grade Level: Undergraduate